I’ve heard a lot of celebrities have filed for Bankruptcy. Is that true?

Yes, that is absolutely true.  President Lincoln filed for bankruptcy.  Walt Disney filed for bankruptcy.  Both went on afterward to accomplish great things.  In the book “They Went Broke?!:  Bankruptcies and Money Disaster of the Rich & Famous” by Roland Gary Jones, Mr. Jones lists names such as John Wayne, William Penn, Daniel Boone, Judy Garland, Jeffrey Archer, Larry King, Stephen Crane, Oscar Wilde, and many others.  Celebrities have been going broke since the currency was invented, and there’s no shortage of bad breaks and bad decisions made each year.  Larry King, Wayne Newton, Meat Loaf, Toni Braxton, Sinbad, Mickey Rooney, Pamela Anderson, Gary Busey, Courtney Love, Wesley Snipes, Lief Garrett, Brendan Fraser, Donald Trump, Michael Jackson, Gary Coleman, Nicholas Cage, Lindsay Lohan, Marvin Gaye, and Willie Nelson are a few more celebrity names you may recognize that filed bankruptcy at least once.

Bankruptcy provides much-needed forgiveness of overwhelming debt to individuals so they can be a part of and an asset to society.   The current turmoil of our economy forces many to seek bankruptcy relief, those seeking relief are finding the onus is not the same as it was 20 years ago.  Employers are changing their attitudes and do not view a bankruptcy as a black mark but more of a problem-solving life experience.  Someone who has filed bankruptcy has experience at handling tough situations and may be better able to handle tough daily job situations versus someone who has a perfect record.

I hope this encourages those who are facing tough financial challenges to explore the possibility of relief through bankruptcy instead of forging forward as a debt slave.  You may have more to offer than you think you do and the only thing holding you back is the burden of debt.  Ask yourself, if you could spend time working on positive productive things, or take care of your family and the future, rather than walled in by worry about paying overwhelming debts, what would you choose?

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